The resources discovered in the Black Sea offer Romania the chance to become the main producer of natural gas in the EU, a huge opportunity that we are not allowed to miss. The arguments are numerous and important: investments will create many jobs, generate significant revenue to the state budget, strengthen the country’s energy security and ensure an optimal transition in terms of costs for consumers. However, an adequate legislative and fiscal framework is needed in order to make the final investment decision, said specialists present at the fourth edition of the Romanian International Gas Conference (RIGC), an event organized by the Employers’ Federation of Oil and Gas (FPPG), with the support of the Energy Policy Group.
Top experts from the local oil and gas industry, from local and international non-governmental organizations, as well as representatives of the central authorities stressed the overwhelming role that natural gas has for Romania’s development in the context of the transition to a green economy.
However, it all depends on the authorities and how quickly they decide to amend the Offshore Law, which would allow the exploitation of already discovered reserves.
“The opportunity for gas is still very high. It is clear that this century is the century of gas in the energy transition, and we can undoubtedly be at the forefront of gas production in the European Union. It is time to wake up and start discussions on the Offshore Law as soon as possible, so that we have a final investment decision from the investors and we can enjoy as soon as possible the natural gas resources that the Black Sea shelf hides,” says Cătălin Niță, Executive Director, FPPG.
In order to implement the energy transition at acceptable costs for consumers, it is absolutely necessary to rely on natural gas. The roles that this fuel can play are numerous: for the production of cleaner energy by replacing coal, but also for balancing the energy system, given that gas-fired power plants are flexible and are needed to ensure that we keep the light on. Natural gas is also a solution to reduce carbon emissions in mobility, but also in the development of future technologies, such as blue hydrogen, where Romania can become a major player in Europe.
An extremely important issue is the contribution of offshore reserves to energy security. Romania imports about 20% of its natural gas needs and if it does not invest in the exploitation of Black Sea resources, we will end up importing about 50% of its needs by 2030, depending on the evolution of demand.
The 4th edition of the Romanian International Gas Conference took place in Bucharest, in hybrid format, on December 13-15, 2021, organized by the Federation of Employers of Oil and Gas (FPPG) in partnership with Energy Policy Group (EPG), under the theme: “The natural gas sector, between the imperatives of decarbonisation, accessibility of prices and security of supply.”